It will be interesting to watch Delta Air Lines in the near future as its Trainer refinery gears-up to produce 40,000 barrels of jet fuel per day. The effect on the airline and on group profits could well be impressive after the initial drag. Of course Emirates results point to the fact that oil prices, although stable, still cannot filter down to jet fuel as all would like due to the sheer lack of refining capacity on a global scale. Indeed, without significant investment to bring new refineries online within this decade, aircraft will start to be grounded in some

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